17 Dec 2021
TOON (AS LIQUIDATOR OF INVESTACORP HOLDINGS LIMITED) v QUINN AND WELLS (AS TRUSTEES OF THE CA QUINN TRUST) [2021] NZCA 696
- Citation
- [2021] NZCA 696
- Court
- Court of Appeal
The Court of Appeal held the Associate Judge erred by applying hindsight and mischaracterising the legal effect of the shareholders' settlement; a reasonably competent liquidator in the circumstances was entitled to investigate the complaint and to obtain and act on legal advice that the settlement did not bind the company; therefore the liquidator's conduct was reasonable, her claimed remuneration of $101,729 and legal expenses were payable, and the High Court judgment and its costs order were set aside.